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News Breaks
February 12, 2013
11:51 EDTPPG, VALPaint maker Valspar retreats after results miss expectations
Coatings and paint manufacturer Valspar (VAL) is sinking after the company reported lower than expected first quarter earnings per share, or EPS, and lower than expected first quarter revenue. The company explained that international markets were weaker than it had anticipated. Specifically, Valspar said its business in China, Australia, and parts of Europe were weaker than expected. Moreover, Valspar anticipates that its overseas markets will continue to be weak. As a result, it lowered its fiscal 2013 EPS guidance to $3.60-$3.80, from its previous guidance of $3.65-$3.85. Analysts' consensus estimate was $3.79. On a positive note, Valspar reported that its U.S. consumer paints business, boosted by the U.S. housing recovery, generated revenue growth in the mid single percentage digits. Meanwhile, the revenue from Valspar's North American wood business rose in the high single percentage digits. Nevertheless, in late morning trading, Valspar tumbled 7.50%, to $61.92. PPG Industries, which also manufactures coatings, dropped 2.6% to $135.
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April 22, 2014
07:01 EDTVALG&K Services names Tracy Jokinen as CFO, effective June 29
G&K Services (GK) announced it has selected Tracy C. Jokinen as the company’s next CFO effective June 29. Jokinen will succeed Jeffrey L. Wright, who announced his planned retirement last October. Most recently, she served as Valspar’s (VAL) Vice President, Corporate Finance, where she led the company’s tax, treasury, investor relations, internal audit, operations finance, and corporate accounting functions.
April 21, 2014
07:35 EDTPPGPPG Industries price target raised to $228 from $215 at Jefferies
Jefferies raised its price target for PPG Industries shares to $228 following the company's Q1 results. The firm believes the risk/reward on shares remains favorable and it keeps a Buy rating on the stock.
April 17, 2014
14:14 EDTPPGPPG Industries continues to evaluate potential acquisitions
PPG Industries held its annual meeting of shareholders in Pittsburgh, where Chairman and CEO Charles E. Bunch spoke about the company’s recent strategic progress and record financial performance. Looking ahead, Bunch said, “Our focus this year remains on growing the company. To help drive growth in each of our businesses and regions, we are continuing to evaluate potential acquisitions; expanding our organic capital spending; emphasizing our new product development pipeline; investing more in PPG’s brands; and continuing to expand our sustainability initiatives across the world.”
09:15 EDTPPGPPG Industries board authorizes $2B share repurchase program
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08:53 EDTPPGPPG Industries increases dividend to 67c from 61c
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08:11 EDTPPGPPG Industries reports Q1 adjusted EPS $1.98, consensus $1.87
Reports Q1 revenue $3.6B, consensus $3.63B.

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